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The Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a rule on information confidentiality that contradicts one from the Financial Industry Regulatory Authority. The situation is expected to further increase the cost of marketing alternative investments. Regulatory investigation and arbitration also are likely to be affected. Broker-dealers and financial advisers will need to change the traditional ways in which alternative investments have been marketed, writes Kevin Duffy, a partner at Kaufman Dolowich Voluck & Gonzo.

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A Supreme Court decision on 401(k) plans might have sent regulators "back to the test kitchen for more seasoning" in drafting a uniform fiduciary standard, write Brendan McGarry and Stefan Dandelles of law firm Kaufman Dolowich & Voluck. The ruling might be at odds with a Department of Labor proposal, they write.

Terry Duffy, executive chairman of CME Group, testified before a House subcommittee about the need for European regulators to recognize U.S. clearinghouses. Duffy said the issue is resulting in disruptions in the U.S. futures markets. Commodity-derivatives market participants called on lawmakers to revise the Dodd-Frank Act and improve protections for hedgers. The House hearing is the beginning of the reauthorization process for the Commodity Futures Trading Commission.

Terry Duffy, executive chairman and president of CME Group, offers his insight into the changing regulatory landscape, including challenges inherent to overhauling the way interest-rate benchmarks, such as the London Interbank Offered Rate, are set. Duffy also discusses concerns about the timing on regulatory changes taking place in Europe and how the new rules are coordinated with new regulations in the U.S.

The Financial Industry Regulatory Authority has appealed a hearing panel's ruling that allows Charles Schwab to use agreements that require customers to take all disputes with Schwab to the FINRA arbitration process. FINRA rules state that customers have the option of participating in class-action lawsuits as an alternative to arbitration. A hearing panel ruled that FINRA can't legally enforce those rules.

Terry Duffy, executive chairman at CME Group, responded to reports that officials are considering forcing the company to spin off its regulatory functions by saying the firm is "very much unaware" of any such effort. The suggestion comes amid the fallout of the collapse of MF Global. CME's stance is that MF Global broke exchange rules and falsified reports, Duffy said.